™
How to prepare before
you apply for a business loan.
With Credicorp, you don't submit a folder of documents — you connect your business bank account via Open Banking. But that doesn't mean the preparation doesn't matter. This guide covers what the lender is actually looking for and how to put the company's best picture forward.
What a lender reads when you apply
Traditional business loan applications involve submitting bank statements, management accounts, or an accountant's certificate. Credicorp's process is different: the company's business bank account is read directly via Open Banking, covering the last three months of transactions.
What the lender sees is not just the balance — it is the pattern:
- Consistent receipts. Revenue coming in from third-party customers or clients on a regular basis. Not one large transfer from the director, not intercompany movements — genuine trading receipts.
- Regular business outgoings. Payroll runs, supplier payments, HMRC payments — evidence that the business is operating. These signal a real trading business rather than a dormant account.
- No extended overdraft use. Going into overdraft briefly is not disqualifying; a business bank account that is consistently in overdraft over the 3-month period is a signal of cash pressure.
- Stability and consistency. Revenue that is approximately consistent month-over-month is easier to assess than highly volatile swings. Seasonal businesses may have natural peaks and troughs — this is considered in the assessment.
How to prepare
- Ensure the company has a dedicated business bank account in active use. Trading through a personal account or mixed-use account makes the picture unclear. Three months of consistent, genuine business trading through a dedicated account is what the Open Banking read needs to show. If the account is not yet set up, open it and trade through it for 3 months before applying.
- Check that Companies House filings are up to date. Log in to Companies House WebFiling and confirm the confirmation statement is current, all due accounts are filed, and the registered office address is correct. Late filings appear in business credit reports and can suppress the score. Fix them before applying.
- Review the bank statements as a lender would. Download the last 3 months of statements from the business account. Look for: consistent monthly receipts, regular supplier and payroll payments, no extended overdraft periods. If something looks unusual — a large one-off receipt, a payment gap — the lender will see it. Being able to explain it (a deferred contract, a holiday period) is better than hoping it goes unnoticed.
- Apply when the position is strongest. The assessment happens at the point of application. Applying after a strong trading quarter — not during a lean period — gives the best result. There is no obligation to apply immediately; a 4-6 week delay to let a strong month complete is usually worth it. Apply at credicorp.co.uk.
Application preparation questions
Do I need to prepare accounts documents before applying to Credicorp?
Credicorp uses Open Banking rather than manual document submission — the company's bank account is read directly, covering the last three months of transactions. You do not need to prepare and submit bank statements, management accounts, or profit-and-loss reports as separate documents. The application process is designed to be fast: Open Banking provides the financial picture in real time rather than via a document submission and review cycle.
What does a lender actually look for in the financial information?
The core question is: can this company afford to borrow this amount and repay it by the agreed date? Lenders look at: (1) Cash flow — how much genuine revenue flows into the business account each month and how consistently; (2) Existing obligations — what the company already owes, including loans, HP agreements, or credit card balances; (3) Banking behaviour — how the account is managed, whether there are consistent payroll runs and supplier payments, and whether the account goes into extended overdraft; (4) Trading history — how long the company has been generating revenue at this level.
Does it help to have filed accounts at Companies House?
Yes. A company that has filed accounts on time — even abridged accounts for a small company — demonstrates consistent trading and good administrative discipline. Late filings or gaps in the Companies House record can suppress the business credit score, which is a factor in the assessment. A company that has been trading for a year or more and has clean filing history is in a stronger position than one with gaps.
Should I move money into the business account before applying to improve the picture?
No. Lenders are looking at consistent, genuine trading revenue — not one-off injections. Moving a large sum into the business account just before an Open Banking read will not create the picture of consistent trading that the assessment is looking for. The bank statement analysis covers patterns over time, not peak balances. What helps is genuine consistent trading: invoices raised and paid, payroll run, suppliers paid — on a recurring pattern over months.
What if the company's accounts are in a loss-making period?
A loss-making period in the filed accounts is a factor, but the assessment is primarily driven by current cash flow — what is happening in the business bank account right now, over the last 3 months. A company that had a loss year in 2024 but has since recovered and is generating strong consistent monthly receipts may still pass the affordability assessment. The current trading picture, as shown through Open Banking, matters more than historic filed accounts.
Related guides
For the full list of what is needed to apply, read what you need to apply. For how affordability is assessed, read how affordability is assessed. For what Open Banking shares with the lender, read what Open Banking shares. For how to read your own bank statements the way a lender does, read reading your own bank statements. All the guides are on the Learn hub.
Prepared. Apply when the picture is strongest.
No document submission. No broker. Connect the business account via Open Banking and get a same-day decision.